Business
GrowGeneration Reports Record Third Quarter 2021 Financial Results
Record Revenue increased 111% to $116.0 million Adjusted EBITDA of $10.8 million for the third quarter Comparable store sales for the quarter increased 15.7%
About this update from Growgeneration Corp.
[{"type":"text","content":"Record Revenue increased 111% to $116.0 million\nAdjusted EBITDA of $10.8 million for the third quarter Comparable store sales for the quarter increased 15.7% from prior year Earnings of $0.07 per share in the quarter 2021 Full Year revenue guidance updated to $435 to $440 million Adjusted EBITDA guidance updated to $41 million to $43 million DENVER, Nov. 11, 2021 /PRNewswire/ - GrowGeneration Corp. (NASDAQ: GRWG), (\"GrowGen\" or the \"Company\"), the largest chain of specialty hydroponic and organic garden centers with 62 locations across 13 states, today reported record third quarter 2021 revenues of $116.0 million, versus $55.0 million in the same period last year. \n\n \n \n \n \n \n \n\n \nThe Company also reported third quarter 2021 GAAP net income of approximately $4.0 million compared to net income of $3.3 million in the same period last year. Diluted earnings per share was $0.07 compared to a $0.06 in the same period last year.\nNon-GAAP earnings before interest, taxes, depreciation, amortization, and share-based compensation (Adjusted EBITDA) of $10.8 million was a record for the third quarter, compared to $6.6 million in the same period last year, or $0.18 per share, versus $0.13 in the same period last year.\nDarren Lampert, GrowGen's Co-Founder and CEO stated, \"The GrowGen team delivered a strong third quarter, with revenues up 111%, compared to the same period last year in a difficult macro environment. Same-store sales at 25 locations increased 15.7% from the prior year. At present, we have 62 retail locations in operation. We increased our inventory positions across all key product categories to get ahead of price increases, as well as expanded more private label purchases. Our private-label and proprietary products reached approximately 8.7% of our overall sales in the third quarter. Our online marketplace, including Agron, is on pace to reach $35 million of revenue for 2021. We opened two locations in the Los Angeles metro area, and for next year, we are looking to open 15 to 20 locations.\"\nMr. Lampert continued, \"In order to position the company for 2022 and beyond, we have made several strategic decisions. Most importantly, we have organized the management team to focus on key deliverables. Over the past several months, we have brought on key leaders including Paul Rutenis, our Chief Merchant, to lead th...